Planck E PressCenter - Reports


Energy Week in Review #66/2024


Location: Amsterdam, Netherlands
Date published: 2024-02-15
Date modified: 2024-02-15
Reading time: 00:02:09

Author: Caspar Bensik

Energy Week in Review #66/2024

Crude Oil

Between February 07 and February 13, 2024, the WTI (Western Texas Intermediate) crude oil contracts closed trading at US$ 77.34, gaining 5.6% in a week, and US$ 1.11 less than a year ago. The spread with Brent Crude Oil Spot Price on February 13, was US$6.54.

U.S. oil production averaged 13.300 million barrels per day, 0.00% more than 1 week ago, but 1.000 MMB/D more than 1 year ago.

Crude Oil and Petroleum Products imports to the U.S. equated to 7.996 MMB/D, down 0.990 MMB/D from one week ago and a decrease of 0.395 MMB/D compared to one year back. On the other hand, U.S. Crude Oil and Petroleum exports reached 10.613 MMB/D, 0.645 MMB/D up from one week ago and exceeding 0.024 MMB/D relative to one year ago.

U.S. crude oil refinery net inputs reached 14.542 MMB/D, down 0.298 MMB/D from one week ago and down 0.468 MMB/D compared to the same period last year.

Regarding the number of days of crude oil supply in the U.S., the week ended with the mark of 29.5, 1.8 days more than one week ago, and down 2.2 days compared to one year ago.

In relation to petroleum derivatives, we had the following price changes during the week:

Product (NY Harbor)

Price per gallon
02/13/2024

% Change
1 Week

US$ Change
1 Year
Conventional Gasoline US$ 2.391 6.84% US$ -0.062
Heating Oil US$ 2.860 7.48% US$ 0.282
Diesel Fuel (Ultra-low-sulfur) US$ 2.905 6.25% US$ 0.134
Kerosene US$ 2.860 8.37% US$ 0.232


Natural Gas

The Henry Hub spot price fell by US$ 0.490 from February 06, to close at US$ 1.610 MMBtu on February 13. Compared to one year ago, the NG price decreased by US 0.870 MMBtu.

The total supply of U.S. natural gas was 118.2 billion cubic feet in the week ending on 02/13, which is 0.3 bcf/d more than a week ago and 3.8 bcf/d more than a year ago. Concerning U.S. demand, the last measured week reached 89.1 bcf/d, down 1.9 bcf/d from a week ago and up 2.4bcf/d during a year.

Electricity

The most recent U.S. price indicators for electricity (11/2023) indicate an average residential retail price of US$ 16.19/kWh (1.31% in one year), an average industrial price of US$ 7.90/kWh (-2.47% in one year) and an average transportation price of 14.06/kWh (8.24% in one year).

Electricity Generation (Megawatthours - daily average):

Source 02/13/2024 % Change 1 Week % Change 1 Year
Wind 50,973 -33.78% -25.53%
Solar 19,789 34.56% 66.63%
Hydro 33,227 7.58% 6.72%
Other 5,570 1.63% -34.25%
Petroleum 376 -41.63% -64.97%
Natural Gas 184,209 8.90% 12.96%
Coal 71,897 2.14% 11.78%
Nuclear 93,417 -2.63% 2.78%
Total 459,457 -1.02% 4.59%


EIA Price Forecast

Energy Type

Forecast 12/2025

WTI (dollars per barrel)

73.50

Brent (dollars per barrel)

78.00

Natural Gas (dollars per thousand cubic feet)

3.54

Electricity - Residential Retail (cents per kilowatt-hour)

15.55



Fuel prices in the European Union – February 13, 2024



This weekly Energy Report was crafted by Planck E with sources from: https://www.eia.gov/ and https://energy.ec.europa.eu/

For emission reduction purposes, we recommend the book The Science behind Carbon Credits and their Calculation.

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Keywords

  • energy week review
  • petroleum week review
  • natural gas market review
  • electricity week review
  • gasoline week review

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